Bitcoin Price Crosses $61,000, Most Altcoins See Profits as Market Shows Signs of Stabilisation

Bitcoin on Wednesday, August 14 reflected a price gain of 3.15 percent on international exchanges. With this, the value of BTC on international exchanges has come to the price point of $61,060 (roughly Rs. 51 lakh). On Indian exchanges like CoinSwitch, BTC is trading at around $64,576 (roughly Rs. 54 lakh). As per market commentators, this price hike for BTC is fuelled by favourable political developments and increasing institutional interest. In the backdrop of BTC's rally, majority cryptocurrencies registered gains on Wednesday.

“Bitcoin's dominance has climbed to 56.29 percent, reflecting a 0.35 percent increase from yesterday, showcasing its continued strength in the market,” Shivam Thakral, CEO of BuyUcoin told Gadgets360. “The approval of Bitcoin exchange-traded funds (ETFs) and a notable increase in stablecoin volumes drive this trend. The ongoing institutional adoption and regulatory clarity will likely bolster investor confidence and drive further growth.”

Ether saw a small loss of two percent in the last 24 hours. With this, the price of ETH has come to $2,452 (roughly Rs. 2.05 lakh). Analysts call this minor price decline negligible in a broader picture for ETH's price trajectory.

“The crypto market saw an uptick as the U.S PPI data came in lower than expected, which is bullish for the market. The focus now shifts to the US CPI data, set to be released today. Notably, during the last CPI data release, the market experienced a significant upside,” the CoinDCX market team told Gadgets360.

Binance Coin, Ripple, Dogecoin, Cardano, Tron, Avalanche, and Shiba Inu -- all recorded gains.

Chainlink, Leo, Near Protocol, Polygon, and Stellar also clocked profits.

“Buyers are actively purchasing at support levels, taking advantage of the dip,” Edul Patel, CEO of Mudrex told Gadgets360.

In the last 24 hours, the overall crypto market cap has risen by 2.50 percent. With this, the sector valuation hit $2.14 trillion (roughly Rs. 1,79,55,349 crore), as per CoinMarketCap.

Among loss-making cryptocurrencies, Tether, Solana, Polkadot, Litecoin, Cosmos, and Uniswap.

“Crypto's Fear and Greed Index remains entrenched in the fear zone at 30, while the RSI for Bitcoin sits in the neutral zone. Bitcoin dominance is consolidating above 57%, signaling that altcoins may continue to lag in the near term,” Vikram Subburaj, CEO, Giottus crypto platform told Gadgets360.

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